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Trade Helper Trade Forms International Trade Contracts International Trade Rules Claim, Unpaid Cases Ex-Import Procedure(to Way of Payment) L/C Abbreviation International Factoring International Factoring Home > Helper International Factoring {1} International Factoring [1] The definition of factoring. - Factoring company offers a credit inquiry, takes over credit risk, banking, debt collection services and underwrites all other businesses related to open account credit terms in non L/C method. - This is a new international banking service method which can eliminate fears of debt collection due to credit export when exporting and also capitalize payment before debt collection or when you import, you can disbursement import without L/C using payment guarantee of a factoring company. [2] Transaction flow of International factoring - International factoring transaction: It will form among a Seller, a Debtor, an export factor (Target exporting country's factoring company) and a import factor(Target importing country's factoring company). - Export factor : Decide invoice purchasing limitation (or respective transaction amount limitation) with local seller according to the agreement purchasing. For this kinds transaction agreement, there needs a credit approval from a import factor. (1) Counseling about open account term method. - Counsel open account terms for import/export between sellers and buyers. (2) Inquiring Credit Approval - To make sure of the collection of open payment term, the seller must make inquiry to a export factor about debtor's credit approval related to a credit inquiry and taking over credit risk. - Export factor : Inquiry a credit approval (taking over credit risk) to a import factor. (3) Credit approval - Import factor : In order to make sure the ability and responsibility of a debtor's about the payment for the open account term, they will investigate the debtor's credit status and decide whether to approve the inquiry/credit. (This is an action of taking credit risk of seller). - Import factor : Notify the credit approval to the debtor. - Export factor : Notify credit approval to the seller. (4) Export contracts and shipping - Upon the credit approval, both the seller and the debtor become free from burden. So now they make open term exporting contract, manufacturing goods and ship them when the goods are ready. (5) Selling invoice, paying purchasing - the seller sells the invoice to the export factor after shipping. If the seller request the payment at this time, the export factor will purchase accounts receivable and make payment accordingly. - Export factor : Re-sell invoice to a import factor and request payment collection. - Shipping documents : The seller (or Export factor) will sent it directly to the debtor. (6) Debt inquiry of a import factor - Import factor : Notify the debtor about the payment for an invoice, and request the payment to the debtor in timely manner. - In case a debt collection has been failed : Importing factor will make payment in 90 from the expiration date. (7) Collecting payment - Import factor : Send collected payment to the export factor. - Export factor with payment collection : Set off the collected payment and purchasing payment (Fianced amount) and notify the seller. [3] The benefit of international factoring (1) Benefit for the Seller <1> Expanding Sales Scale - The service can prevent insolvent bond even if you are on Open Account Credit Terms transaction with a debtor because the accounts payable is guaranteed. - The service can dramatically reduce a debtor's capital burden so that the sales scale can be expanded through the market expansion. <2> Prevent insolvent bond - Credit approval of import factor : Unlike the current export bill insurance (Handle by export/import bank. No-security is possible up to 90% of the bill amount) policy, an anxiety of possible occurrence of payment default by a debtors can be dramatically reduced because the term is payment under guarantee for 100%. - If a claim or a dispute occurs for products: The factoring companies that have a through knowledge about each country's commercial practice aggressively resolve such disputes behalf of the sellers which would minimizes risk in payment delays. <3> Easy to raise operating fund - Doing business with Export factoring: Finance assistance is provided up to 100% within the credit approval amount of a debtor upon the purchasing of a shipping document. Seller : Can readily capitalize credit bonds based on the conditional sales on credit. <4> Reduce incidental expense - Doing business with Export factoring: Can reduce a credit inquiry expense because the service provides possibility for credit approval based on the latest credit information of the debtor. Cases with small and medium companies : Can be less burden with spending excessive fund from opening oversea affiliate offices. - In case of changing the existing L/C transaction to factoring: Possible to increase exporting price because of reserving income security and exempt from service fee in opening L/C for the debtor. <5> Reinforce managing ability for open account term bond - Factoring companies: Offer sales management services such as original ledger processing, possible loan amount for open term account, accounts receivable collection status and delaying status per each month. Seller: Can focus on sales promotion and product manufacturing while expecting decrease in expense for accounts receivable management. (2) Benefit for a Debtor <1> Can expect effect of usance import and interest margin profit - Can avoid pressure with operating funds due to cash settlement because the debtor can make settlement after certain period when doing import on a deferred payment basis. - Considering international margin and fund raising during differed payment period, the debtor can expect interest margin profit. <2> Reduce incidental expenses - If a debtor go through import factoring, there is no opening service fee to open up L/C, security deposit for import will be reduced and absolutely no service fee doing business with factoring. (Except, in certain region, a debtor may have to burden related service fees or interest). - When doing factoring transaction, the seller must pay for the service fee for both the export/import factor (the same bank) deducting from payment for the purchase made. <3> Quality guarantee of income goods - If there is a problem with received imported goods upon inspecting the goods or if the oversea seller breached the contract.: There can be no risk or a trick against the debtor for there is a guarantee of right for the debtor. The debtor has a right to process dispute and delay the payment. [4] Subject for international factoring transaction - For transactions with export/import payment method, it targets Open Account Credit Terms excluding out L/C and Cash on Delivery (COD). It categorizes to credit approval transaction and collection only transaction. [5] Service requesting procedure for international factoring (1) Export factoring service procedure <1> Export factoring transaction consultation - The main items to reviewed by export factor 1. The agreement with the debtor about exporting transaction using factoring service. 2. Existence of factoring company in the importing country. 3. Whether the exporting goods and the type of transactions are appropriate for factoring transaction. 4. Whether the payment terms are appropriate for the related laws. 5. Credit status of the Seller and ability to offer security etc. <2> Request for credit status 1. The export factor will request import factor for the possibility of guarantee on the debtor. 2. Import factor then investigate the debtor's credit status and notify the import factoring of the limit of liability and the service fee of the import factoring. 3. Investigation period : 20 days (By telegraph 2 weeks) <3> Credit approval accepted notification - For a seller to have export factoring transaction, a credit approval of a debtor from a import factor is a must. - The key details of credit approval 1. The definition of credit approval is that the import factor guarantees payment for the goods if the debtor fail to make payment. 2. A payment will be made on the 90th day from a invoice expiration date. 3. No guarantee if there is a problem with the exported goods or delay due to breach of the contract by the seller. 4. Credit approval works in the method of Credit line and cancellation or reduction is possible. In this case the import factor is responsible to notify the debtor's credit information to the export factor. 5. Even if the import factor reject credit approval, collection basis only (clean collection) method transaction is possible. <4> Singing export factoring transaction agreement - The details of export factoring transaction agreement - Submit a summary of the company, business balancing accounts reports for the last 3 years, per debtors, exporting amount per transaction types and product information to the export factor and sign the factoring transaction agreement. - Export factor decides limitation on invoice purchasing and export factoring service fee. - Since the seller is responsible with debtor's factoring service fee, it requires guarantee to the fee. - Arrange payment terms between the seller and debtor upon the approval of credit approval and signed the export contract by clearly stating that the target business is based on the factoring method and obtain export licensing (E/L) from the bank or recommending organizations. <5> Export licensing (E/L) - After signing a exporting contract which clearly states D/A method, D/P method or later payment method using international factoring, the seller should attach the signed contract on the export licensing application and take them to the foreign exchange bank to obtain export licensing. <6> Shipping, selling, purchasing invoice of export factoring - Request selling/purchasing of invoice to the export factor after shipping goods. - Seller should submit "Export factoring assignment of an obligation and a application for purchasing" along with commercial invoice, export permit and shipping document to the bank. - On the commercial invoice, indicate export assignment of an obligation clauses as per instruction of the import factor. - The export factor then send shipping document to the oversea debtor. And also notify accounts receivable assignment to the import factor. <7> Debt collection in exporting - The export factor will collect invoice through the import factor on the expiration date of the invoice. - Payback method 1. Same procedure as L/C method shipping document purchasing. Apply same interest. 2. The export factor sends shipping document and invoice to the import factor. Then collects payment. 3. If debtor files bankrupt or in payment default status, the import factor pay the whole invoice amount on the 90 days of the invoice expiration date. 4. If the debtor reject to make payment due to exporter's breach of contract or of the product defect, the import factor does not hold payment responsibility. <8> Resolving dispute - In case if the factoring companies can not come up with a reasonable solution based on the data provided by the seller: Under the expense burden by the seller, a compulsory collection (lawsuit) can be provide in proxy. (2) Import factoring service procedure <1> import factoring transaction consultation - The main items to reviewed by import factor 1. The agreement with the seller about exporting transaction using factoring service. 2. Existence of factoring company in the exporting country. 3. Whether the importing goods and the type of transactions are appropriate for factoring transaction. 4. Whether the payment terms are appropriate for the related laws. 5. Credit status of the debtor and ability to offer security etc. <2> Credit approval line decision and transaction agreement - The details of transaction agreement 1. The debtor and import factor singes a transaction agreement. 2. The credit line approval will be based on the debtor's credit status, the necessity of the transaction, and the ability of collateral. <3> Answer to CAR - After import factor review the debtor's Credit Line: CL or Individual Credit Approval Request : ICAR), amount approving and the payment period, the factor will then notify Answer to CAR to the seller through the export factor. - The seller then request credit approval to the import factor to approve credit. - The import factor notifies credit approval within the credit line agreed upon. - Notify import factoring service fee etc. <4> Import License (II/L) issuing - Possible if the settlement period is within the fixed period. (Foreign exchange bank authenticity facts) - If they rae not subject to usance import, only the transaction within the fixed amount will be approved. <5> Take over shipping document 1. Transfer the shipping document to the debtor when it arrives. 2. If not obtained shipping document: Issue L/G: Letter of Guarantee 3. If obtained the shipping document or L/G: Submit Trust Receipt (TR) for the L/G <6> Import payment settlement - The debtor should settle the payment through a foreign exchange bank on the payment date as per the importing contract. 1. The debtor deposit the payment to the import factor on the due date per contract 2. In case the debtor delays payment: In principle, the seller is responsible for the interest of the finance. In case if the debtor sends the payment including interest for the daly as the contract stated: It will be reimbursed to the seller. - if the debtor delays the payment without a dispute: Apply interest rate as purchasing instead of interest rate for delaying. And extend the finance until certain period from the expiration date. - In case there is no payment from the expiration date to a certain period without a dispute: The import factor makes 100% payment under guarantee of the total invoice amount according to the credit approval information. - Settle payment on the contract due date. - The service fee for import factoring in seller's responsibility in principle. (Except, if the goods are imported from the Japan, debtor is responsible for the related service fees or interest) o Debtor's payment default: The fixed date for the payment by the import factor. Payment under guarantee including overdue interest <7> Dispute occurrence - If the debtor claim a dispute due to the seller's fault in product defect and breach of the contract: Then the import factor immediately notifies to the export factor about the dispute and request for the earlier settlement of the dispute to the oversea seller. [6] MEMBER OF FACTORS CHAIN INTERNATIONAL COUNTRY MEMBERS ADDRESS PHONE/FAX KOREA Industrial Bank of Korea 50, 2-ga Ulchiro Chung-Ku 82-2-729-7064 729-7002 ARGENTINA Heller-SudServicios Finaricieros S.A Maipu 311, 1 Piso(1006) BUENOS AIRES 54-1-394-0070 394-0064 AUSTRALIA Scottish Pacific Business Finance Pty Ltd 2nd F1, Carrington St, Sydney NSW 2000 61-2-372-9999 372-9900 AUSTRIA Intermarkert Factoring AG Postfach 145 Marokkanergasse 7 A-1030 VIENNA 43-1-71-765 71-765-280 AUSTRIA VB-Heller Bank Aktiengesellschaft Postfach 34A-5033 SALZBURG 43-662-623663 621650 BELGIUM Ace Factors S.A / N.V Rue Leopold 27 B-1000 BRUSSELS 32-2-2291090 621650 BELGIUM Belgo-Factors NV Steenweg op Tielen 51 B-2300 TURNHOUT 32-14-405.411 405.600 BELGIUM Accord Business Credit Inc. Parijsstraat 52 3000 LEUVEN 32-16-244201 244242 CANADA Banedwards Factoring Finersa S.A 1440 St. Catherine St. West MONTREAL, Quebec H3G1R8 1-514-866-2711 954-1836 CHILE Banosorno Factoring S.A Huerfanos 835, If 2001 SANTIAGO 56-2-6327710 6327697 CHILE Bank of China Bandera 140, Piso 19 SANTIAGO 56-2-6958987 6718611 CHINA Bank of Communications 410 Fuchengmen Nei Dajie BEIJING 100818 86-10-5199564 5199572 CHINA Oriental Factors Ltd 200 Jiang Xi Zhong Rd. Shanghai 200002 86-21-6328228 63213214 CHINA Oriental Factors Ltd 1/F Tongguang Huaxin Office Bldg. 12 Nongzhan Nanli BEIJING 100026 86-10-592496 592504 COLOMBIA Banco Colpatria S.A Calle 13 #7-90 Piso 2 SANTAFE DE BOGOTA 57-1-334540 2863914 CYPRUS Bank of Cyprus (factors) Ltd 47 Strovolos Avenue Kyros Tower, 6th F1. P.O.Box 6555 1640 NICOSIA 357-2-511711 511712 CYPRUS Laiki Factors Ltd 59-61 Strovolos Avenue P.O.Box 2032 NICOSIA 357-2-317901 313841 CZECH REPUBLIC O.B. Heller a.s Amerika 31 CZ-120 00 PRAGUE 42-2-259171 256103 CZECH REPUBLIC Transfinance Ltd Revolucni 3 P.O.Box 44 110 05 PRAGUE 1 42-2-2327723 2324208 DENMARK Forenede Factors A/S Ejby Industrivej 42 DK- 2600 GLOSTRUP 45-43251515 43251513 DENMARK Nordisk Factoring A/S Teknikerbyen 21 DK-2830 VIRUM 45-45833888 45833212 FINLAND Merita Finance Ltd Int'l Dept. 00020 MERITA 358-0-18581 738042 FRANCE Banque Sofirec 10 avenue de la Grande Armee 75017 PARIS 33-1-40686666 45743317 FRANCE Factofrance Heller Tour Facto Cedex 88 92988 PARISLA DEFENSE 33-1-46357051 46356908 FRANCE Factorem 4, place de la Coupole 94676 CHARENTON-LE- PONT CEDEX 33-1-4039499 40395030 FRANCE BNP Factor SA 66 RUE pIERRE cHARRON 75008 PARIS 33-1-40749100 49530742/43 FRANCE UFB Locabail 14, Rue Louis Bleriot 92858 RUEIL MALMAISON CEDEX 33-1-41426060 41427701 GERMANY Deutsche Factoring Bank P.O.Box 10 63 60 28063 BREMEN 49-421-32930 3293111 GERMANY Disko Factoring Finanz GmbH Postfach 14 02 45 40072 DUSSELDORF 49-211-6695.0 6695.103 GERMANY GEFA Postfach 10 13 08 42013 WUPPERTAL 49-202-382301 382289 GREECE ABC Factors AE 25-29 Karneadou St. Lemos Int'l Centre 9th Fl. Kolonaki 106 75 ATHENS 30-1-7258180 7258190 GREECE Agricultural Bank of Greece S.A Factoring Dept.4, Panepistimiou St. GR- 10671 ATHENS 30-1-3697282 3610814 GREECE Fact Hellas S.A 15 Valaoritou Street 10671 ATHENS 30-1-3611722 3627133 GREECE Ethnofact S.A 10 Panepistimiou St. 10671 ATHENS 30-1-3638040 3343015 HONG KONG The Hongkong & Shanghai Banking Corp Ltd Factoring Service Division Level 19, 1 Queen's Road Central Hong Kong 852-28222912 25377196 HONG KONG OTB Int'l Factors Ltd. Bldg. 12A OTB Bldg. 160 Glouchester Rd. Wanchai 852-2831-2104 2803-4947 HUNGARY Hungarian Foreign Trade Bank Ltd Int.l Corporate Relations Budapest V. Szent Istvan ter 11/507 sz H-1821 Budapest V 36-1-269-0947 268-7366 HUNGARY Magyar Factor Kft. Pozsonyi ut 77-79 H-1133 BUDAPEST 36-1-2526100 2526293 HUNGARY Postbank and Savings Bank Corp Factoring Dept. H-1933 BUDAPEST 36-1-1294232 2702246 ICELAND Landsbanki Islands Int'l Division Austurstraeti 11 155 REYKJAVIK 354-5606157 5529882 INDIA SBI Factors & Commercial Services Pvt. Ltd. 172, Maker Tower F Cuffe Parade BOMBAY 400 005 91-22-2181260 2181173 INDIA Integrated Finance Co Ltd P.B.NO. 4980 Vairams112, Thyagaraya Road, T. Nagar MADRAS 600017 91-44-8280454 8255673 INDONESIA PT. BII Finance Center Kodel House, 5th Fl. J1. H.R Rasuna Said Kav. B4 JAKARTA 12920 62-21-5222320 2524484 INDONESIA PT Salindo Perdana Finance Menara BDN, 9th F1. J1. Kebon Sirih no. 83 JAKARTA 10340 62-21-2300768 2300685 ISRAEL Israel General Bank Ltd. 38 Rothschild Blvd. P.O.Box 677 TEL AVIV 61006 972-5645284 5645285 ITALY Barclays Factoring S.p.A Via Della <oscova 18 20121 MILANO 39-2-63721 63722840 ITALY C.B.I. Factor SpA Compagnia Banche Corso Matteotti 12 20121 MILANO MI 39-2-77661 76000009 ITALY Centro Factor S.p.A Via delle Ruote, 55 50129 FLORENCE 39-55-46801 4680595 ITALY COFIRI Factor S.p.A Via Campania, 45 00187 ROME 39-6-47551 4755236 ITALY Factorit S.p.A Via Tortona, 7 20144 MILANO 39-2-581501 58150332 ITALY Istituto Bancario San Paolo Torino S.p.A Corso Porta Nuova, 1, 3rd F1. 20121 MILANO 39-2-7238.1 7238.3379 ITALY mediofactoring S.p.A Via Monte Di Pieta 15 20121 MILANO 39-2-722741 72274302 ITALY MontePaschi Factor SPA gALLERIA sAN fEDERICO, 16 10121 TORONTO TO 39-11-5604111 5604212 JAPAN The Central Factors Ltd Miyuki Bldg. 7th F1. 20-27, Nishiki 3-Chome, Naka-ku Nagoys 81-52-203-4811 203-4816 JAPAN Dai-Ichi Kangin Factoring Co Ltd Tokyo Chuo Bldg. 1-6-2 Marunouchi, Chiyoda-Ku TOKYO 100 81-3-3215-0611 3215-0621 JAPAN Diamond Factors Ltd 10 Kanda Sakumacho 1- Chome Chiyoda-ku TIKYO 101 81-3-3251-8356 8412 JAPAN Sumigin General Finance Co Ltd Sumitomo Bank Shinbashi Bldg 3re F1. 8-3 Shinbash 1- Chome Minato-ku Tokyo 105 81-3-3573-4661 3571-8474 JAPAN Fujigin Factors Ltd Togeki Bldg. 4-1-1 Tsukiji Chuo-ku Tokyo 104 81-3541-4141 3543-7406 MALAYSIA Arab-Malaysian Merchant Bank Berhad Commercial Services Dept. P.O.Box 11471 50746 KUALA LUMPUR 60-3-2382633/44/55 2384953 MALAYSIA MbfFactors Sdn Bhd P.O.Box 11391 KUALA LUMPUR 50744 60-3-2619277 2612096 MEXICO Banamex Factoraje, S.A DE C.V Periferico Sur No.4605-3er piso Col. Parques del Pedregal C.P. 14010 MEXICO, D.F. 52-5-725-0700 0984 MEXICO Factoraje Bancomer, S.A DE C.V Jaime Balmes No. 11 Edificio C Mezannine Colonia Los <\Morales Polanco 11510 MEXICO, D.F. 52-5-283.30.00 283.31.87 MEXICO Factoraje Serfin. S.A. Providencia 339 Colonia del Valle Delegacion Benito Juarez 03100 MEXICO, D.F. 52-5-6876700 5363718 MEXICO Factor Quadrum de Mexico, S.A. de C.V. Avenida Anillo Periferico Sur No. 4249 Fraccionamiento Jardines en la Montana Delegacion Tlapan C.P. 14210 Mexico, D.F. 52-5-6452621 6450371 MOROCCO Wafabank 163, Avenue Hassan II CASABLANCA 01 212-2-265151 297272 MOROCCO Attijari Factoring Maroc 2, Boulevard Moulay Youssef CASABLANCA 212-2-223945 266557 NETHERLAND FMN Finance House P.O.Box 2036 5202 CA's- HERTOGENBOSCH 31-73-6205205 6205340 NETHERLAND De Lage Landen Factors B.V. Postbus 415 5600 AK EINDHOVEN 31-40-2339911 2338631 NORWAY Elcon Finans A/S P.O.Box 177 1324 LYSAKER 47-22-969000 967529 NORWAY Factoring Finans A.S P.O.Box 2424 Solli N-0201 OSLO 47-22-937000 839083 NORWAY K-Finans AS P.O.Box 335 6001 ALESUND 47-70124765 70124676 PHILIPPINE Development Bank of the Philippines Trade Finance Unit P.O.Box 1996 Makati Central Pst Office 1200 Makati, Metro Manila 63-2-815-0942 817-0509 POLAND Polfactor S.A P.O.Box 120 ul. Dluga 44/50 00-96 P 3 WARSAW 81 48-22-635658 6358105 PORTUGAL BNP Factor Apartado 1281 4101 PORTO CODEX 351-2-6100696 6183862 ROMANIA Romanian Bank for Development S.A 4, Doamnei Street BUCHAREST 70016 40-1-312.32.06 312.64.55 RUSSIA Tveruniversalbank lesnaya str. 45A 103055 MOSCOW 7-095-9784728 9784728 RUSSIA Moscow Joint Stock Bank for Business Promotion Kuznetsky Most, 15 MOSCOW K-31 103780 7-095-9212788 9240490 RUSSIA Commercial Innovatio Bank "Alfa-Bank" 11, M. Poryvaevoy str. MOSCOW 107078 7-095-204-93-93 913-71-82 SINGAPORE DBS Factors Pte Ltd 112 Robinson Road #09-00 DBS Finance Bldg. Singapore 068902 65-2256388 2258257 SINGAPORE Keppel Factors Pte Ltd 10 Hoe Chiang Road Hex 09-00 Keppel Towers SINGAPORE 0208 65-2211811 2228577 SINGAPORE OUB Factors Pte Ltd 60 Robinson Road, 11th F1. SINGAPORE 068892 65-222397 2277718 SINGAPORE Singapore Finance Ltd 144 Robinson Road SINGAPORE 068908 65-2238333 2240645 SLOVAKIA VUB Factoring a.s JKrizna 54 821 09 BRATISLAVA 42-7-5661010 511571 SLOVENIA LB Factors d.d Trg republike 3 61000 LJUBLJANA 386-61-1763014 1763078 SOUTH-AFRICA Nedbank Commercial Services Ltd P.O.Box 61558 Marshalltown 2107 JOHANNESBURG 27-11-497.1111 834.1252 SOUTH-AFRICA The Standard Bank of South Africa Ltd Factoring Division P.O.Box 62034 Marshalltown 2107 JOHANNESBURG 27-11-6361248 6367155 SPAIN Bansabadell Factoring, S.A, Placa Catalunya, 1 08201 Sabadell, BARCELONA 34-3-7289453 7271376 SPAIN Catalana de Factoring C.Llull, 102 08005 BARCELONA 34-3-485.06.06 309.44.68 SPAIN Heller Factoring Espanola, S.A.E.F.F. Comte d'Urgell, 240-3oD 08036 BARCELONA 34-3-4394806 3212506 SPAIN Hispamer Factoring Entidad de Financiacion, S.A Costa Brava 10-12 Colonia Mirasierra 28034 MADRID 34-1-5665696 5665227 SPAIN Santander de Factoring, S.A. Plaza de Manuel Gomez Moreno, 2 Planta 18- Edificio Alfredo Mahou Complejo Azca 28020 MADRID 34-1-342-8920 2712 SWEDEN Handelsbanken Finans AB S-106 35 STOCKHOLM 46-8-7014600 7014840 TAIWAN R.O.C. Chailease Finance Co Ltd 4th F1. 56, Tun Hwa North Road Taipei 10590 886-2-731-6288 776-2143 THAILAND The Siam City Factoring Co Ltd 2922/205-6 Charn Issara Tower II 11th Fl. New Petchburi Rd. Bangkapi, Huay Khwang, BANGKOK 10310 66-2-308-2080 308-2658 TURKEY Aktif Finans Factoring Hizmetleri A.S. Levent Cad. No. 4 80620 1. Levent/ISTANBUL 90-212-2802172 2808752 TURKEY Heller Factoring A.S. Buyukdere Caddesi No. 101 Lalezar Han Kat:3 80310 Mecidiyekoy ISTANBUL 90-212-2743450 2741050 TURKEY Devir Factoring Hizmetleri A.S Buyukdere can.no.80 Akabe Ticaret Merkezi 80290 Gayrettepe ISTANBUL 90-212-2748090 2672859 TURKEY Euro Factoring Alacak Alimi A.S. Inonu Cad. Dunya Saglik Sok. No. 31 80090 Taksim, ISTANBUL 90-212-2517792 2499533 TURKEY Factor Finans Alacak Alimi A.S. Buyukdere Caddesi 165 Esentepe 80504 INTANBUL 90-212-2746666 2747068 TURKEY Is Factoring Finansman Hizmetleri A.S. Istiklal Caddesi Meselik Sokak No. 2 80060 Beyoglu ISTABUL 90-212-2529900 2493166 TURKEY Demir Factoring A.s. Buyukdere Cadesi No. 122 Kat:3 80280 Esentepe ISTANBUL 90-212-2886800 2886835 TURKEY Fiba Factoring Hizmetleri A.S. voyvoda Caddesi Karakoy Palas, 111/4 80000 Karakoy ISTANBUL 90-212-2931850 2931858 TURKEY Toprak Factoring A.S. Sumbuk Sk. No. 27 80620 Levent ISTANBUL 90-212-2834999 2834994 UNITED KINGDOM Alex Lawrie Factors Ltd Beaumont House Beaumont Rd. BANBURY. 44-1295-272272 271634 UNITED KINGDOM Barclays Commercial Services Ltd Aquila House Breeds Place HASTINGS, East Sussex TN34 3DG 44-1424-43.08.24 42.68.21 UNITED KINGDOM TSB Factors Ltd Mounteliff House 154 Brent St. LONDON, NW4 2DR 44-181-202-4521 0471 UNITED KINGDOM Griffin Factors Ltd 21 Farncombe Rd. WORTHING, West Sussex, BN11 2BW 44-1903-20.51.81 21.41.01 UNITED KINGDOM Kellok Limited Abbey Gardens 4 Abbey St. READING, RG1 3BA Berkshire 44-1734-58.55.11 59.23.12 U.S.A BNY Financial Corp. 1290 Avenue of the Americas 3rd F1. NEW YORK, N.Y. 10104 1-212-408-7000 408-7582 U.S.A The CIT Group/ Commercial Services, Inc. 1211 Avenue of the Americas NEW YORK, N.Y. 10104 1-212-382-7000 382-9040 U.S.A NationsBanc Commercial Corp. P.O.Box 4095 ATLANTA, Georgia 30302 1-770-491-4061 491-4841 U.S.A Rosenthal& Rosenthal, Inc. 1370 Broadway NEW YORK, N.Y. 10018 1-212-356-1400 356-0900 U.S.A SunTrust Bank, Atlanta P.O.Box 4955 ATLANTA, GA 30302 1-404-588-7242 332-3940 U.S.A Heller Financial, Inc. 505 North Brand Boulevard Glendale, CA 91203-1903 1-818-409-8600 548-4900 U.S.A Congress Talcott Corp. 1133 Avenue of the Americas NEW YORK, N.Y. 10036 1-212-840-2000 545-4540

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